ICA Fluor To Build $1.3B Coker Plant In Mexico

Fluor Corporation (NYSE: FLR) announced that its ICA Fluor industrial engineering-construction joint venture with Empresas ICA, S.A.B. de C.V. (BMV and NYSE: ICA) signed a contract with Pemex Refinación for the construction of the delayed coker unit that will be installed at the Miguel Hidalgo Refinery in Tula, Hidalgo, Mexico. The total contract value is $1.3 billion, and Fluor will book its $650 million share of the contract in the fourth quarter of 2014.

ICA Fluor was awarded a contract for Phase I of the Residue Recovery Project for the Miguel Hidalgo Refinery in 2013. This Phase II contract involves providing detailed engineering, procurement and construction (EPC) services for the 86,000-barrels-per-day capacity plant. It is the first package to be converted to the EPC stage under the open book established in the Phase I contract. The mechanical completion of the project is scheduled for the second quarter of 2018.

“This project is a major step in the modernization of Mexico's oil processing facilities,” said Juan Carlos Santos Fernandez, director general of ICA Fluor. “We are proud to be in the position to support Pemex with our Mexican engineering and construction resources to advance the key goals set forth in its strategic plan.”